chapter 1 Flashcards
Example Steve Jobs
Learned, adjusted, and improvised
Never gave up on the company that once turned its back on him
Intro to Business
Tech changes making production and distribution diff
Diverse workforce
Scrutiny and negative thoughts bc of Great Depression
Business Participants and Activities
Participants include owners, employees, and customers
Stakeholder- those with interest in the state of business and policies
Companies want to please ^
Areas of Business
Management- Oversee work performances, plan and control resources, and lead with benchmarks
Operations- Turn resources to either tangible or intangible products
Marketing- Find what customers want and figure out how to best meet it while attracting them
Accounting
Financial- Make financial statements that anyone can access to determine how valuable company is
Managerial- Make reports on behind the scenes (ie. material costs) (Internal use only)
Finance- Managing company funds to determine how much money is needed and where it will come from
Useful for new companies as funds are needed
External Forces That Influence Business Activities
Gov, economy, trends in buying, new tech, and public pressure all combine to influence the business world and create the macro environment
Companies have no control over these (unless corrupt)
Management-
Oversee work performances, plan and control resources, and lead with benchmarks
Stakeholder-
those with interest in the state of business and policies
Operations-
Turn resources to either tangible or intangible products
Marketing
Find what customers want and figure out how to best meet it while attracting them
Accounting finicancal
Accounting
Financial- Make financial statements that anyone can access to determine how valuable company is
Accounting mangerial
Managerial- Make reports on behind the scenes (ie. material costs) (Internal use only)
accounting fiance
Finance- Managing company funds to determine how much money is needed and where it will come from
Useful for new companies as funds are needed
